Treasury Secretary Scott Bessent said Tuesday he expects President Donald Trump to make a decision on the new Federal Reserve chair by the holiday season.

In a CNBC interview, Bessent, who has been heading the search for a successor to current Chair Jerome Powell, said he still has one interview to go and was not ready to speculate on who might get the job.

"I think there's a very good chance that the president will make an announcement before Christmas," he said. "But it's his prerogative, whether it's before the Christmas holidays or in the new year. But I think things are moving along very well."

Trump has been a fierce Fed critic and recently said he'd "love" to fire Powell and encouraged Bessent to "work on" the chair to get the central bank to lower its key interest rate.

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